Upon cancellation of a joint account funded contract, how quickly must the bank pay the purchaser?

The correct time frame for a bank to pay the purchaser upon cancellation of a joint account funded contract is within 15 days of receiving notice of cancellation. This requirement is important as it establishes a clear expectation for both the purchaser and the bank regarding the timeline for processing refunds or payments after a contract is canceled. Timely reimbursement ensures that customers are not left waiting indefinitely for their funds, reflecting good business practice and consumer protection standards in financial transactions.

By stipulating a specific period of 15 days, the law helps to maintain trust in financial institutions while allowing the bank sufficient time to process the cancellation and execute the necessary financial transactions. This period balances the needs of the consumer for quick access to their funds with the operational realities that banks face in managing such requests.